Universal mCloud, a company offering asset management solutions that use IoT, cloud computing, artificial intelligence, and analytics, has received a $13 million loan from Integrated Private Debt Fund VI LP.
The loan will go toward repaying outstanding notes related to mCloud’s July acquisition of Autopro.
The loan will be used to repay some outstanding notes related to the company’s recent acquisition of Alberta-based Autopro Automation Consultants, announced last month, and for working capital purposes. The company said the loan has a term of seven years and is secured against the assets of Autopro and certain other assets of mCloud.
The company said it also plans to settle a $60,000 debt owed to GBCC Corporation, the company’s advisor on Chinese market expansion opportunities with major building and wind turbine operations. It plans to issue common shares of the company, although the price share is yet to be determined.
Founded in Vancouver in 2010, Universal mCloud aims to use data to maximize the health and performance of energy infrastructures, such as HVAC units, wind turbines, and the oil and gas industry. Its stated mission is to create a more efficient future through the use of AI and analytics. mCloud acquired Autopro to accelerate the development of its AI-powered asset management solutions for oil and gas applications.
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US-based Fulcrum Automation Technologies, which offers integration project services, subscription-based data analysis, and SaaS platforms to clients in the oil, gas, and petrochemicals industries, was also recently acquired by mCloud.
The company has a portfolio of 15 patents and has created technology for various industries, including aerospace, defence, and healthcare. Its clients include Starbucks, Cinemark, and Telus, and it manages more than 25,000 assets globally. The issuance of the common shares to GBCC Corporation is subject to the approval of the TSX Venture Exchange.
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